Indonesia Is Following BRICS De-Dollarization Lead, Says Central Bank Governor – Economics Bitcoin News

Indonesia is following the BRICS’ dedollarization lead and shifting away from using the U.S. dollar.

Indonesia is following the BRICS’ lead in de-dollarization and shifting away from the U.S. dollar in trade settlements and financial transactions, according to the country’s central bank governor. The BRICS nations are working on creating a common currency to reduce their USD reliance.Bank of Indonesia Governor Perry Warjiyo said Friday that Jakarta is following the lead of the BRICS bloc to shift away from using the U.S. dollar in trade and financial transactions, Sindonews reported Friday.

Indonesia has initiated diversification of the use of currency in the form of LCT. The direction is the same as the BRICS. In fact, Indonesia is more concrete. He explained that Indonesia’s LCT system is considerably more concrete than the BRICS de-dollarization approach, given that Indonesia has already implemented the currency diversification method with several nations, including Thailand, Malaysia, China, and Japan. In addition, the Indonesian government plans to sign an agreement with South Korea regarding local currency transactions in early May, he noted.

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